Economic Inequality And official poverty threshold- Free Sample

Questions: 1. What goods and services would you include in an estimate of the basic necessities for a family of four? 2. If a family of three earned $20,000, would they be able to make ends meet given the official poverty threshold? Answer: 1. A family of four might be comprised of father, mother, and two children. Basic needs refer to necessary requirements which are meant to serve as a foundation for human survival. (Sleight, 2014). They include food, shelter, clothing, and education. For the whole family, they will require housing to cover themselves against rain and heat. Clothing for the entire family will also form part of the core needs both for the children and the parents. Clothing helps to maintain the body temperature. Apart from housing, they will need food and water which will play a great nutritional role. The nutritional function of the food includes providing the body with energy and preventing it against diseases. To the children, they will require education as a fundamental need to help them prosper in life. 2. Dail (2011) defines poverty threshold as the minimum amount of income which is perceived as sustainable in a particular economy. According to the United States official poverty threshold, a family of four is supposed to operate under a minimum income of $25,240 to cater for the basic needs and services. Out of this amount, we can divide the standard amount ($25,240) by the number of people in a family to arrive at the average amount each household member consumes in the specified period. Dividing $25,240 by 4 we get $6,310 which is the average individual in a family consumes. Therefore, in a family of three, the total amount they will spend will be equal to the product of 3 and $6,310 which will be equivalent to $18,930. Thus, a salary of $20,000 in a family of three will be able to sustain them based on the official poverty threshold. References Da?il, P. W. (2011). Women and poverty in 21st century America. Jefferson: McFarland Co., Publishers. Sleight K. (2014). Five Basic Survival Needs of Human Beings. Web. Available from: https://www.brighthub.com/environment/science-environmental/articles/123273.aspx.